Bensons for Beds has acknowledged that it "would have been easy" for its staff to "lose heart" during its most recent financial year, a period marked by an increasingly challenging retail environment.
The Lancashire-based firm expressed gratitude to its over 1,800 employees for their contribution to what it described as a "strong set of results".
The results for the year ending 28 September, 2024, reveal a slight decrease in Bensons for Beds' revenue from £257.4m to £256.3m and an expansion of its pre-tax loss from £19.9m to £22m, as reported by .
Newly filed accounts with Companies House also indicate that its adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) shifted from a profit of £1.6m to a loss of £900,000 within the year.
Despite facing market headwinds and inflationary cost pressures, which were offset through management action, the company labelled this as a resilient result.
Bensons for Beds is under the ownership of private equity firm Alteri Investors, which is supported by funds managed by affiliates of Apollo Global Management.
Carpetright stores rescued by Bensons for Beds
This update follows the acquisition of several Carpetright stores by Bensons for Beds after the former's collapse in July of the previous year.
Carpetright was rescued from administration a year ago, but not without the loss of more than 1,500 jobs.
Prior to its collapse, Carpetright operated approximately 270 stores across the º£½ÇÊÓƵ and employed around 1,800 individuals.
At the time, Bensons for Beds CEO Nick Collard voiced optimism regarding the acquisition of Carpetright stores, which aims to expand the company's estate to over 200 stores "over the next few years."
In a statement endorsed by the board, Chairman Ian Shepherd commented: "The external environment has continued to be challenging."
He elaborated that despite relative stability in macro-economic indicators early on, "Although it has been a more stable period in terms of key macro-economic indicators, inflation remained high in the early part of the period and consumer demand remained subdued throughout."
Shepherd noted a persistent trend, observing: "The clearest evidence of this was that footfall into stores has continued to be consistently down year over year, compounding similar decreases in the prior period."
'A pleasing result in a challenging market'
Reflecting positively on the situation, the headline 'A pleasing result in a challenging market' emerged.
Recounting earlier strategies, Bensons for Beds' chairman said: "In the previous period's report, we highlighted the importance of focussing on controllable KPIs [key performance indicators] when in a difficult market and this has continued to be a major focus of the business throughout the current period."
Expressing satisfaction with the company's achievements, he stated: "I am pleased to say that sales conversion rates and average transaction values have grown to new highs while sustaining strong customer services levels and improved operational performance throughout the period, a great testament to the hard work delivered by colleagues across the whole business."
Shepherd concluded with a nod to the definitive standard of success stating, "The ultimate measure of success is, of course, in financial performance.
"Although profit levels have been impacted slightly by a shorter 52-week reporting period compared to 53 weeks in the prior period, revenues and other key financial indicators showed continued positive development, representing a pleasing result in a challenging market."
Retailer targets return to profit amid 'tricky' times
On Bensons for Beds' future, Shepard said: "The management team in the business have used this period not only to drive the current period performance described above but also to reshape the strategy of the business for the future to ensure that we continue to take market share and take the improved financial delivery and return to profitability which these accounts show still further."
He added: "The board continues to be humbled by the amazing colleagues we work with."
"With the challenges we began the year with, and in the continuing tricky external environment, it would have been easy to lose heart, but our colleagues have not only delivered the strong set of results we publish today but they have done so with energy, vigour, humour and commitment. As a board, we are indebted to them."
